Department for Business, Energy and Industrial Strategy

Accountancy: Standards

Baroness Bowles of Berkhamsted: To ask Her Majesty's Government whether there will be any licensing charges or similar arrangements for the publication of accounting standards endorsed by the Secretary of State for Business, Energy and Industrial Strategy under the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019; if so, what are any such arrangements and charges; andwhether those arrangements and charges were agreed (1) before, or (2) after, the approval by Parliament of those Regulations.

Lord Callanan: The Government has held discussions with the IFRS Foundation for a license to publish UK-adopted international accounting standards as required by the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019. These discussions commenced early in 2019. Work on this agreement is at an advanced stage and will be concluded ready to come into effect at the end of the transition period. A licensing fee will form part of the agreement. However, as the agreement has not been finalised, we cannot disclose further detail at this time.